Professional body is closer as IFAA teams up with IFP

The IFA Association is to join forces with the Institute of Financial Planning this week in moves which could create a professional body.

Money Marketing has learned the two organisations are set to form a partnership. Senior sources close to the IFAA say the association has been in talks with the IFP for several months.

Discussions have included proposals to create a body along the lines of the solicitors&#39 governing body, the Law Society.

The move is likely to see IFA firms joining the IFA Association while registered individuals would join the IFP. It will also involve some form of qualifications.

The link-up will be announced on Thursday in what the IFAA is calling “a major initiative to raise standards”.

The possibility of talks between the two organisations was first mooted in December as IFAA chairman Bernard Jones sought to move the IFA community towards professionalism.

The move follows the failure of ProfCo, which was Jones&#39 brainchild to bring the LIA, Sofa and the Chartered Insurance Institute together to create one professional body for all financial advisers. Talks collapsed in December.

The latest move will put the creation of an IFA professional body, which is known to be a personal crusade for Jones, at the heart of the IFAA&#39s plans.

But news of the proposals has drawn a mixed reaction from around the industry.

Sofa chairman Robert Reid says: “I think at the moment it is much more relevant to be getting together a single set of designations than forming a new body.”

MMB chief executive Gareth Marr says: “I would be a little disturbed if they were setting out their stall to compete with Sofa. If they could work out a close relationship with Sofa that would be a dream ticket.

“What the IFA needs is a body like the Institute of Chartered Accountants which combines trade body and professional body and does everything.”

An IFAA spokesman refused to comment on the details until the official launch on Thursday. IFP chairman Julie Lord would not comment on the initiative.

Recommended

The Halifax House Price Index shows that prices rose by 0.3 per cent in September. The average house price is now £72,748m.Annual house price inflation rose by 0.1 per cent last month to 5.4 per cent. The forecast for the fourth quarter is 5 per cent falling to 4 per cent in the fourth quarter […]

Marsh & McLennan may have to pay over £20m to its arch-rival Aon Corporation next week, after Aon scooped up shares worth £18m in Sedgwick.Aon stands to profit by £2.4m if the bid for Sedgwick goes through as expected on 20 October.The shares were bought by subsidiary Aon Advisors UK at around 197p and gives […]

The Institute of Financial Planning and the IFA Association are appealing to members of the LIA and Sofa to &#34come in and join the party&#34.They maintain that the door is open for serious discussion with those who are prepared to adhere to the high professional and ethical standards now being set.IFAA Chairman Bernard Jones says: […]

Sun Life is providing a loan service backed by an endowment plan for sums up to £15,000 in partnership with Royal Bank of Scotland.The Cash Release Scheme offers an unsecured fixed term loan backed by the Sun Life Homebuyer&#39s plan. Interest is charged at a rate of 4.25 per cent above the RBS base rate.The […]

Journalist Alexis Xydias interviews Artemis manager William Littlewood about his views on bond, equity and currency markets and the impact of a Greek exit from the EU. With bond yields at “ludicrous” levels, William believes a tipping point for bond markets is sure to come. As a result, his Strategic Assets Fund holds government bond shorts to the tune of 100 per […]

Newsletter

Latest from Money Marketing

Technology provider Moneyhub will now use Intelliflo’s application programming interface for its advisers. Integration onto the API will allow for advisers to access real-time information of client’s managed pensions and investments. Advisers will also be able to link investments they manage and see clients’ spending and savings patterns. The Big Interview: Moneyhub chief executive on […]

The past few years have seen a rapid rise in the number of fund managers linking with risk profilers to launch new ranges. Determining risk is a central part of the advice process. But risk-profiling tools have been subject to criticism over the wildly different asset allocations they produce and their lack of consistency when […]

AJ Bell is expanding its passive range to target a higher expected return for investors with a new global growth fund. AJ Bell launched its first range of own-brand funds last year with five risk-targeted multi-asset passive funds. The platform and Sipp provider said it has launched the Passive Global Growth fund in response to […]